https://www.taxtmi.com/caselaws?id=456762 ITAT PUNE allowed the appeal regarding deduction under section 80P(2)(d) for interest income earned by a cooperative society on fixed deposits with cooperative and nationalized banks. The tribunal relied on a coordinate bench decision in Ugar Sugar Works case, which held that interest income from deposits made from surplus funds with both cooperative and scheduled banks qualifies for deduction under sections 80P(2)(a)(i) and 80P(2)(d). The AO was directed to allow the deduction, rejecting the lower authorities' reasoning that denied the claim. en-us Thu, 30 May 2024 00:00:00 +0530 Tue, 24 Jun 2025 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456762 ITAT PUNE allowed the appeal regarding deduction under section 80P(2)(d) for interest income earned by a cooperative society on fixed deposits with cooperative and nationalized banks. The tribunal relied on a coordinate bench decision in Ugar Sugar Works case, which held that interest income from deposits made from surplus funds with both cooperative and scheduled banks qualifies for deduction under sections 80P(2)(a)(i) and 80P(2)(d). The AO was directed to allow the deduction, rejecting the lower authorities' reasoning that denied the claim. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456762